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Union Budget 2022 to focus on infra, hospitality sectors; HCL Tech, HDFC Bank, Wipro among top stocks to buy

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Union Budget 2022 to focus on infra, hospitality sectors; HCL Tech, HDFC Bank, Wipro among top stocks to buy

Now is budget time, and the countdown to the 2022-23 Union budget has begun. If the pandemic does not wreak havoc on Budget Day, Finance Minister Nirmala Sitharaman is likely to present her fourth budget on February 1 this year.

Last year, the government announced various stimulus packages that provided a long-awaited path to a strong recovery but also sent inflation soaring. The Federal Reserve has already hinted at rate hikes, and the Reserve Bank of India may also be considering raising rates and tightening liquidity in the financial system.

India’s economy will face a bumpy ride as coronavirus cases rise, thanks to a new concern. The real estate industry expects the government to increase capital spending as lockdowns and restrictions are in place. As such, the budget is expected to boost the affordable housing and rental housing ecosystem and strengthen existing financial infrastructure, thereby providing liquidity to distressed real estate projects. Likewise, a focus on the infrastructure sector is expected to increase the employment potential of the industry.

The hospitality industry is looking to lower taxes and incentives in offering interest-free loans, subsidies and lower tax rates. In the budget, there may be announcements about education. The government could provide tax breaks for Covid-19 patients and their families, as well as more deductions for medical expenses. The insurance industry hopes to include 5% of the consumption tax on health insurance from the existing 18% consumption tax, and in addition, micro-insurance, sachet products, etc. are exempt from consumption tax. There will be more road authority allocations for government kittens. Because this government needs to fully push its divestment agenda so that the government should have enough liquidity to support and sustain this massive capital expenditure, drive consumer demand and restore confidence in the banking system.

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Indian equities delivered a stunning return of around 32% in FY21 from January to October this year on the back of a favourable macroeconomic environment, policy stimulus from governments and central banks, strong corporate earnings and inflows from retail and institutional investors . These factors have helped Indian stocks outperform their peers. But with the end of the year, the tide turned to Indian stocks. As a result, the Indian market has corrected 8-9% from its all-time highs between October and mid-December.

Complete News Source : FINANCIAL EXPRESS

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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3 days ago

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November 21, 2024

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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